Monthly mortgage payments decline for first time since 2020: Analysis ...Middle East

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Monthly mortgage payments decline for first time since 2020: Analysis
source : The Hill ( Middle East ) () 48
Mortgage payments edged downwards for the first time in four years as falling inflation is finally being felt in the housing sector. Median mortgage payments declined by 0.1 percent over the four weeks ending Aug. 18 to $2,587 at a 6.49 percent interest rate, according to data published Thursday by real estate company Redfin. Mortgage rates have made a modest decline over the past year, falling from a more than 20-year high of 7.8 percent last October to 6.49 percent earlier this month, according to national mortgage backer Freddie Mac. “The late-summer decline in mortgage rates continued last week, with the 30-year fixed rate dropping to 6.5 percent – the lowest since May 2023,”

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